2022 Key Questions Answered About Instant Life Insurance Quotes

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If you have found this article, it might be safe to say that you’re interested in exploring the cost of getting life insurance. The internet can offer a wealth of information about life insurance and even provide tools that can give instant life insurance quotes, such as the one we use on our very own website.

Along with the ability to view rates for life insurance instantly, many companies can also offer instant life insurance approval. That means you can go from receiving an instant quote to getting a policy in minutes.

If this has brought questions about how this can all be possible, you’re not alone. We have rounded up and answered your top questions about the newer ways to purchase instant life insurance online. Keep reading as we discuss how you can go from instant quotes to instant coverage.

What Is An Instant Life Insurance Quote?

An instant life insurance quote is often a web-based quote form or software that can produce life insurance rates instantly from several top-rated companies.

Most insurance-based websites will offer the ability to receive instant quotes by placing the quote form or software somewhere on their website. To get an instant quote, you will need to submit some information about yourself and your life insurance needs to generate rates.

The information you will need to provide will vary depending on the online quote tool, but most will include the following:

State or Zip Code

The state or city you reside in will not affect your life insurance rates. However, certain life insurance providers may not offer their life insurance products in your home state.

To avoid quotes and life insurance plans appearing from companies that are not eligible to offer their life insurance products in your home state, you must provide either your zip code or the state you currently reside in.

Health Class

Your health class, also referred to as a rate classification or risk classification, is a view of your overall level of risk to the insurance company insuring you. Therefore, health classifications play a significant role in determining your eligibility for a policy and your final rates.

The insurance company will be the one that determines your final health class upon completion of underwriting. Risk factors such as your health history, medications currently taken for current health issues, medical exam results, height, weight, family health history, and participation in any dangerous hobbies all make up your health class.

Although the insurance company and its underwriters determine the final health class, you can still view life insurance rates by choosing from the four different health classes found with most online quote tools. The four traditional health class options include:

  • Preferred Plus: Reserved for people in excellent health
  • Preferred: Reserved for people in overall good health
  • Standard Plus: Reserved for people with above-average health
  • Standard: Reserved for people who have average health

It can be challenging to choose the correct health class, so it is important to know that any rates shown should be viewed as an estimate of the potential cost of your insurance coverage until you have been approved for a policy and given a final health classification by the insurance company.

Date of Birth

Your age is another important factor that goes into determining life insurance rates. The older you are when you first apply for coverage, the higher your premiums will cost.

As you age, your life expectancy reduces, increasing the insurance company’s risk of a potentially early claim payment. Conversely, the younger you are when you apply for coverage, the less the insurance company is at risk of having to pay out a death claim. This allows the insurance company to collect more premium payments throughout the contract duration.

In addition, your age can also determine if you are eligible for specific insurance products. For example, older applicants may not qualify for specific term lengths or policy features such as non-medical underwriting options. Since all online life insurance quotes require your age, it will eliminate showing you life insurance options that will not be eligible to you based on your age.

Gender

Most life insurance rates are based on male or female gender. Based on life expectancy studies, males have a shorter life expectancy than women.

As risk is important to the insurance company, men will pay more for their life insurance coverage than females. As you read further, we provide some actual life insurance rates where you can see the difference in cost between the two genders.

Some life insurance plans utilize unisex rates, but it’s not common with most traditional life insurance plans. Instead, you primarily see it with burial insurance policies intended for seniors.

Tobacco Use

If you are a smoker or use other forms of tobacco, as you can guess, your rates will be higher than that of a non-smoker. Therefore, you must choose the correct tobacco class when requesting quotes.

Choosing the incorrect tobacco class can be a shock if you originally quoted yourself as a non-smoker, and underwriting determines you are a tobacco user. Therefore, it is always best to try a quote yourself as accurately as possible so that your quotes match with how the underwriter approves you.

Type of Insurance

Your instant quote will require you to select a type of insurance. The most popular options will include traditional policies such as term life insurance followed by term lengths of 10, 15, 20, or 30 years. Term lengths of longer durations will cost more than shorter contracts.

Along with term insurance plans, you will also have the option to receive quotes for lifetime coverage options such as whole life insurance or guaranteed universal life insurance, which are classified as permanent coverage.

Premium payments for permanent life insurance plans will cost the most as the coverage will never expire as long as you pay your premium payments.

Face Amount

Your face amount is also another name for the death benefit amount. This is the total amount of coverage intended for your beneficiary to receive if you were to pass away while your policy is active.

Contact Information

While there are options to get no personal information required life insurance quotes, most will require you to submit contact information such as your name, telephone number, and email.

This allows a licensed agent to contact you to discuss your quote results and answer any questions you may have about your quotes or coverage.

A licensed agent can also help select a health class you are likely to qualify for, make recommendations on coverage and death benefit amounts based on your needs, and help you stay within your budget.

If you’re only browsing potential rates and receive a telephone call from an agent wanting to discuss your quote, you can let the agent know that you are not interested and are only looking to see potential rates. You should never feel pressured into buying as life insurance quotes are free, and there is never any obligation to purchase.

Quote Results

After submitting the required information to receive an instant quote, rates will immediately appear, starting with the company offering the cheapest cost for coverage down to the most expensive company.

Quote Comparison Results

From there, you may choose to continue with the application process. The application process will vary depending on the quote tool. Some may require entering some basic information about yourself, followed by an agent contacting you to complete the rest of the life insurance application. 

Some instant quote results will allow you to proceed with the actual life insurance application, which may take 20-30 minutes to complete.

How Accurate Are Online Life Insurance Rates?

Online life insurance quotes provide real-life insurance rates from the top insurance companies. In addition, instant quote tools are linked to each provider’s rate books.

As life insurance companies are constantly changing their rates to stay competitive, online quote tools are immediately updated to reflect the new prices anytime a company changes its rates. This always ensures accuracy with the quote results.

Keep in mind that although the rates shown in the quote results are indeed accurate, they are only accurate based on the individual qualifying for the coverage and health classification received from the initial quote.

Therefore, you must go through the underwriting process and meet the underwriting guidelines for the rates shown in your quote results. Your rates will differ from your initial quote if you don’t qualify for the rate class.

What to be aware of when getting an online life insurance quote

Thousands of insurance websites can offer you an instant online life insurance quote from many top-rated providers. However, while online life insurance quotes can provide a significant advantage in price comparison shopping, not all websites will offer the same experience.

This is even true with some of the top comparison websites like AIG Direct, SelectQuote, and AccuQuote, to name a few. So, for example, depending on who’s online quote tool you are requesting quotes from, you may have to provide a significant amount of information before you can view potential rates for coverage.

A few of these websites may lead you to think you’re going to receive an instant quote only to receive a message that the information you filled out on the quote form has been received and that a licensed agent will be contacting you to discuss quotes.

You may even run into lead generation websites acting like they provide instant life insurance quotes but, in reality, are collecting your information so they can sell it to multiple agents. This will result in you receiving numerous phone calls from many different agents trying to offer you a life insurance policy.

Unfortunately, there is no full-proof way to determine which websites will provide you with real instant quotes versus a website that is only collecting your information to sell to multiple agents.

If we can you any valuable advise when it comes to getting life insurance quotes online, stay clear from lead generation sites. One of the best ways to tell if you’re on a lead generation website is if they dont have a blog page or an about us page that provides information about the company or its licensed agents.

Usually these websites are generally a single page that do not offer any valuable information about life insurance in general. All they are designed for is to collect your information. Many times they run social media ads such as ones you often see on Facebook.

Although collecting contact information is a normal process for getting instant life insurance quotes, should you find a website that doesn’t require contact info, you can rest assured that they will be showing you rates instantly.

Can You Get Instant Life Insurance?

It’s very possible to get instant life insurance coverage.

Traditional life insurance applications can take several weeks. The standard process involves underwriters carefully reviewing and verifying all of the information provided on the application and the applicant having to take a medical exam.

Today, many online applications offer simplified or accelerated underwriting providing a streamlined life insurance shopping experience. These newer ways of applying for life insurance have made it possible for instant decisions to be reached in minutes instead of weeks.

The entire process allows insurance companies to utilize underwriting algorithms and third-party data to verify the information you provide on the application quickly.

Generally, instant insurance applications are similar to applying for products, such as loans, credit cards, and bank accounts. You’ll get a yes or no answer right away in most cases.

Depending on the insurance company, there might be times you’ll be asked to provide additional information or even take a medical exam before a decision is reached. 

How Soon Does Life Insurance Coverage Start?

A new life insurance policy will start as soon as you make your first payment. Most companies will allow you to make a payment the same day you receive approval. Often, you can set up an online account instantly to pay your premium and have your policy sent to your inbox immediately.

Instant Life Insurance Quote

How Much Life Insurance Can You Get Instantly Without A Medical Exam?

The exact amount of life insurance you can get without completing a medical exam depends on the company and the policy guidelines. Most insurance companies do offer no exam underwriting but will limit the total amount you can get without taking a medical exam.

For example, it’s common to find many companies offering up to a million dollars of life insurance coverage without medical exam requirements. However, any amount over a million dollars would require a medical exam.

Other factors that will need to be considered are health and age. Applicants that have a history of past medical issues or who are currently being treated for specific health conditions will likely need to complete a medical exam as part of the application process.

Age limits will also determine how much life insurance coverage you can get instantly without taking a medical exam. For example, most companies will limit no exam underwriting up to the age of 65. Any applicant older than 65 is likely to have to complete a medical exam unless applying for a senior life insurance policy.

What Type Of Life Insurance Coverage Can You Get Instantly?

When it comes to buying life insurance, you can purchase almost all types of coverage instantly. Term policies are the more common life insurance plans that are offered instantly. However, both whole life, universal life, and guaranteed acceptance plans have also started to be offered for instant purchase. You can read more about each type below.

Instant Term Life Insurance

Term life insurance is the most popular choice for affordable life insurance and is widely offered as an instant approval option. Term policies allow you to purchase large coverage amounts without the high expense of permanent policies.

When you buy a term life insurance policy, you buy it in a term contract of 10 to 30 years. Your coverage and rates are guaranteed for the entire contract length. However, your coverage is over once the term contract ends, and you do not receive any money back.

Instant Term Life Insurance Rate Chart

Age$100,000 Term Insurance$250,000 Term Insurance$500,000 Term Insurance$1,000,000 Term Insurance
10 Year Term10 Year Term10 Year Term10 Year Term
Male 30
Female 30
$8.00 / monthly
$8.00 / monthly
$12.00 / monthly
$9.00 / monthly
$16.00 / monthly
$12.00 / monthly
$28.00 / monthly
$19.00 / monthly
Male 40
Female 40
$11.00 / monthly
$9.00 / monthly
$18.00 / monthly
$14.00 / monthly
$26.00 / monthly
$21.00 / monthly
$45.00 / monthly
$36.00 / monthly
Male 50
Female 50
$17.00 / monthly
$15.00 / monthly
$28.00 / monthly
$24.00 / monthly
$49.00 / monthly
$41.00 / monthly
$90.00 / monthly
$75.00 / monthly
20 Year Term20 Year Term20 Year Term20 Year Term
Male 30
Female 30
$10.00 / monthly
$9.00 / monthly
$13.00 / monthly
$12.00 / monthly
$20.00 / monthly
$16.00 / monthly
$36.00 / monthly
$25.00 / monthly
Male 40
Female 40
$12.00 / monthly
$11.00 / monthly
$20.00 / monthly
$18.00 / monthly
$35.00 / monthly
$27.00 / monthly
$61.00 / monthly
$48.00 / monthly
Male 50
Female 50
$25.00 / monthly
$20.00 / monthly
$45.00 / monthly
$39.00 / monthly
$82.00 / monthly
$66.00 / monthly
$154.00 / monthly
$124.00 / monthly
30 Year Term30 Year Term30 Year Term30 Year Term
Male 30
Female 30
$14.00 / monthly
$12.00 / monthly
$20.00 / monthly
$17.00 / monthly
$33.00 / monthly
$28.00 / monthly
$57.00 / monthly
$46.00 / monthly
Male 40
Female 40
$21.00 / monthly
$19.00 / monthly
$34.00 / monthly
$28.00 / monthly
$64.00 / monthly
$48.00 / monthly
$116.00 / monthly
$89.00 / monthly
Male 50
Female 50
$43.00 / monthly
$35.00 / monthly
$83.00 / monthly
$62.00 / monthly
$158.00 / monthly
$115.00 / monthly
$302.00 / monthly
$222.00 / monthly

*Sample rate chart shown in the above table is based on a preferred plus health class for males and females considering an instant term life insurance policy. The rates used in the table above are current as of 5/23/2022, pulled directly from our instant online quote tool, which can be viewed by clicking the quote button below.

Instant Whole Life Insurance

Whole life insurance can be an option for people looking for a permanent policy that offers cash value growth. One of the most significant benefits to whole life insurance plans is the guaranteed cash value growth that builds throughout the contract’s life.

Not only will you receive lifetime coverage, but the cash growth that the policy will gain throughout the contract can also be borrowed from when needed or used as an excellent option to supplement retirement income.

However, the major drawback to whole life insurance is significantly more expensive than term life insurance. Therefore, many financial experts will also recommend that it’s better to purchase term insurance and invest the difference in premium to an annuity that could yield better growth returns.

It won’t be as common as with term insurance when it comes to purchasing an instant whole life insurance policy. There are few non-medical options, but most whole life insurance providers will want you to complete a medical exam because of how complex the coverage is.

Non-Medical Whole Life Insurance Rates

Age$100,000 Whole Life Insurance$250,000 Whole Life Insurance
Male 30
Female 30
$90.39 / monthly
$79.36 / monthly
$216.52 / monthly
$188.96 / monthly
Male 35
Female 35
$110.60 / monthly
$95.99 / monthly
$267.05 / monthly
$230.52 / monthly
Male 40
Female 40
$134.31 / monthly
$114.98 / monthly
$326.33 / monthly
$277.99 / monthly
Male 45
Female 45
$164.41 / monthly
$143.50 / monthly
$401.58 / monthly
$349.30 / monthly
Male 50
Female 50
$203.53 / monthly
$175.44 / monthly
$499.36 / monthly
$429.14 / monthly
Male 55
Female 55
$255.50 / monthly
$223.74 / monthly
$629.30 / monthly
$549.89 / monthly

*Sample rate chart shown in the above table is based on a preferred plus health class for males and females considering a no medical exam whole life insurance policy. The rates used in the table above are current as of 5/23/2022, pulled directly from our instant online quote tool, which can be viewed by clicking the quote button below.

Instant Universal Life Insurance

Universal life insurance is similar to whole life insurance because it offers lifetime coverage. However, the most notable difference is that guaranteed universal life insurance policies don’t focus on cash value growth but rather on providing a low-cost solution for permanent life insurance coverage.

By not requiring a hefty premium to build up cash growth, you can usually get a guaranteed universal life insurance policy at half the cost or less than a whole life insurance policy.

In addition, many guaranteed universal life insurance policies can also offer some excellent policy features, such as living benefits that allows you to draw from the death benefit if you become sick, as well as a return of premium options should you decide later in life you no longer need your permanent life insurance plan.

As with whole life insurance, guaranteed universal life insurance plans are not widely offered as instant approval. However, many companies will offer accelerated non-medical options in which you can get approved much faster than traditional underwriting.

Accelerated Non-Medical Universal Life Insurance Rates

Age$100,000 Universal Life Insurance$250,000 Universal Life Insurance$500,000 Universal Life Insurance
Coverage To Age 121Coverage To Age 121Coverage To Age 121
Male 30
Female 30
$48.00 / monthly
$41.00 / monthly
$112.50 / monthly
$92.50 / monthly
$215.00 / monthly
$180.00 / monthly
Male 35
Female 35
$56.00 / monthly
$48.00 / monthly
$130.00 / monthly
$112.50 / monthly
$255.00 / monthly
$220.00 / monthly
Male 40
Female 40
$68.00 / monthly
$59.00 / monthly
$160.00 / monthly
$140.00 / monthly
$315.00 / monthly
$275.00 / monthly
Male 45
Female 45
$83.00 / monthly
$72.00 / monthly
$197.50 / monthly
$172.50 / monthly
$390.00 / monthly
$340.00 / monthly
Male 50
Female 50
$105.00 / monthly
$90.00 / monthly
$252.50 / monthly
$217.50 / monthly
$500.00 / monthly
$425.00 / monthly
Male 55
Female 55
$133.00 / monthly
$113.00 / monthly
$322.50 / monthly
$275.00 / monthly
$640.00 / monthly
$545.00 / monthly
Male 60
Female 60
$172.00 / monthly
$148.00 / monthly
$422.50 / monthly
$360.00 / monthly
$840.00 / monthly
$715.00 / monthly

*Sample rate chart shown in the above table is based on a preferred plus health class for males and females considering an accelerated non-medical exam guaranteed universal life insurance policy. The rates used in the table above are current as of 5/23/2022, pulled directly from our instant online quote tool, which can be viewed by clicking the quote button below.

Instant Guaranteed Acceptance Life Insurance

Guaranteed acceptance policies are an option for people whose health, hobbies, or lifestyle might prevent them from getting a traditional life insurance policy. These policies are generally available to people between the ages of 50-85. There is no medical underwriting, and the applications don’t even ask medical questions. Approval is guaranteed.

While guaranteed acceptance may sound like an excellent policy option,  the amount of coverage you can get is much smaller, and premiums are more expensive than term policies. Plus, there is a two-year graded death benefit meaning that if you die in policy years one or two, the death benefit is not payable to your beneficiary. Instead, the insurance company refunds all premium payments paid with interest.

Age$10,000 Guaranteed Acceptance$20,000 Guaranteed Acceptance
Coverage To Age 121Coverage To Age 121
Male 50
Female 50
$44.09 / monthly
$34.47 / monthly
$87.27 / monthly
$68.02 / monthly
Male 55
Female 55
$57.93 / monthly
$44.28 / monthly
$114.95 / monthly
$87.63 / monthly
Male 60
Female 60
$63.89 / monthly
$51.06 / monthly
$126.87 / monthly
$101.20 / monthly
Male 65
Female 65
$85.16 / monthly
$62.61 / monthly
$169.40 / monthly
$124.30 / monthly
Male 70
Female 70
$99.18 / monthly
$75.53 / monthly
$197.45 / monthly
$150.15 / monthly
Male 75
Female 75
$139.52 / monthly
$108.17 / monthly
$278.12 / monthly
$215.42 / monthly
Male 80
Female 80
$206.32 / monthly
$176.37 / monthly
$415.67 / monthly
$351.82 / monthly

*Sample rate chart shown in the above table is based on males and females considering an instant issue guaranteed acceptance life insurance policy. The rates used in the table above are current as of 5/23/2022, pulled directly from our instant online quote tool, which can be viewed by clicking the quote button below.

How Do Life Insurance Companies Determine Instant Approval?

Insurance companies use simplified or accelerated underwriting to verify the information on your application to come to an instant decision. Consumer databases such as LexisNexis allow insurance companies to access information such as:

  • Driving records
  • Bankruptcies
  • Criminal records
  • Prescribed medications
  • Any past life insurance applications you’ve made 

This information can be pulled instantly and then checked against application responses. The information received is generally enough for the insurance company to make its decision quickly, bypassing the need for a medical exam.

Can Everyone Get Instant Life Insurance Coverage?

Just about everyone can purchase some form of life insurance. However, not everyone can get instant life insurance. That means you can be turned down, or if you do not meet the guidelines for instant approval, the insurance company may ask that you complete a medical exam as part of the underwriting process.

Most instant approval life insurance plans are reserved for healthy applicants. Insurance providers that offer an instant approval option will also have a maximum age cutoff. That age cutoff will vary depending on the provider, but it generally tends to be age 60.

Can Smokers Get An Instant Term Insurance Policy?

Smokers can get instant insurance coverage. Smokers often pay higher rates than non-smokers, but most life insurance companies allow smokers to purchase term life policies. So if you’re a smoker in otherwise good health, you can even qualify for reasonable rates on an instant term life policy.

Can Seniors Buy An Instant Term Insurance Policy?

Most insurance companies cap applications at age 60 or 65, making it difficult for seniors to instantly get a term insurance policy. In addition, while a senior can get term insurance, they are likely to require a medical exam.

Companies such as AARP, which specialize in insurance plans for seniors, can offer instant term insurance policies to people in their 70s and 80s. So if you’re in good health, you might be able to purchase an instant term policy.

If you are a senior and do not require much life insurance coverage, we recommend a type of whole life insurance called final expense.

Final expense life insurance is designed for seniors who need limited coverage to ensure that their end-of-life expenses, such as funeral costs, can be handled.

These are lifetime plans with guaranteed cash value and coverage ranging from $1,000 to $50,000. In addition, when applying for final expense life insurance coverage, you will not be required to complete a medical exam, and approval can often be made instantly. 

Who Needs Life Insurance?

People often think of life insurance as something you only need once you have children, but life insurance is good for almost all adults.

Anytime you have debts or share expenses with another person, a life insurance policy can provide them with financial security. For example, it’s a good idea to have a policy in place if:

  • Have someone dependent on your income
  • Have student loan debt 
  • Have a mortgage balance
  • Share living expenses with a significant other or spouse 
  • Started a business on your own or with another person 

Plus, insurance policies are always the cheapest when you’re young and healthy. You’ll get better rates if you buy life insurance early on.

Who Can Be A Beneficiary?

Many people name their spouse as a beneficiary, but this isn’t required. You can choose whoever you want your death benefit to go to. You can even name multiple beneficiaries if you’d like the benefit to be split. Common options include:

  • Parents
  • Children
  • Siblings
  • Business partners

How Much Does Life Insurance Cost?

The cost of an insurance policy depends on a variety of factors. The life insurance company you choose, the type of life insurance, and how much coverage you buy.

The underwriting of your application will also affect your price. For example, your age, gender, medical history, and lifestyle make up your final health classification and will be factored into your price. 

How Much Life Insurance Should You Buy?

The right amount of life insurance coverage will depend on your budget and individual needs. Generally, it’s often advised to start with a coverage amount worth at least 10x your annual salary. However, this rule doesn’t work for everyone.

You might need a much larger death benefit than ten times your annual income in many cases. For example, people who wish to include costs such as paying the remainder of their mortgage or their children’s education funds will need to factor those costs into the death benefit amount.

Conversely, if you’re no longer in your working years and only want to cover your final expenses, ten times your annual salary will be far too much.

If you’re unsure about how much life insurance coverage you will need, it’s often best to take a few minutes to discuss your needs with a licensed life insurance agent. They will be able to assist you with determining a coverage amount along with helping you choose a plan of coverage that will be best suitable for your needs and budget.

Are Benefits Only Payable If The Policyholder Dies?

Some policies offer what’s called “living benefits.” Living benefits are included as policy riders. They can allow you to get value from your policy during your life. The exact benefits available to you will depend on your policy type and on the riders included. Common living benefits include:

  • Accelerated death: An accelerated death benefit allows you to access some of your death benefit to pay medical bills if you have a terminal illness

  • Waiver of payment: A waiver of payment rider allows you to skip payments if you’re in an accident or ill and temporarily unable to work.

  • Child rider: A child rider provides life insurance coverage for your children. It allows you to add all children to your life insurance policy, providing them with their own life insurance coverage at a low cost.

Do You Need To Contact A Life Insurance Agent Or An Agency To Buy Instant Life Insurance?

You don’t need an agent or an agency to buy instant coverage or see accurate life insurance quotes. If you’re ready to get started, No Exam Medical Quotes can help.

With just a few clicks, you can use our instant quote tool to get no-obligation comparison rates from the best no exam companies. 

Jeffrey Manola - Life Insurance Expert

Jeffrey Manola - Life Insurance Expert

Jeffrey Manola is the founder of No Medical Exam Quotes, an online insurance broker with a strong focus on helping people shop for the perfect life insurance policy. Jeffrey is both a licensed life insurance expert and content creator for the website. Before becoming a licensed life insurance agent, he served in the United States Marine Corps. He transitioned from serving his country to helping families find affordable life insurance coverage since 2009. No Medical Exam Quotes is licensed to offer life insurance coverage in all 50 U.S. States.

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